Marapharm Ventures Inc. has started construction on a 3-story cannabis building in Las Vegas. The ground prep pad is ready to go and the building plans will be up for bid this month.
Once a bid is accepted, construction will move forward, according to PR Newswire. This building will be the third for Marapharm Ventures Inc. in Las Vegas.
The new building will be over 65,000 sqft, spanning over 7 acres. It is estimated that the new facility will gross roughly 22,600 pounds of marijuana annually. The average wholesale price per pound, currently, in Nevada is $2,300. The new facility could help prevent future shortages throughout the state.
Linda Sampson, CEO of Marapharm, said, “Current pricing and comparable facilities in Nevada indicate that revenue from the new 3 story building will potentially be $50 million gross and $30 million net, after operating costs, for the first year (source Kurt Keating). We will be at about 20% build out with regard to the square footage of the licenses we have. Marapharm is the largest marijuana license holder in Nevada.”